World: Total grain production forecast for 2023-24 down by 4 mln tonnes

The International Grains Council released its Grain Market Report highlighting key global grain production and trade forecasts.

The report shows a reduction in the forecast for world total grains production (wheat and coarse grains) for 2023-2024 now at 2.297 billion metric tons, down by four million metric tons month-on-month. The decrease is primarily due to lower estimates for sorghum and barley.

Despite increased carry-ins cushioning the supply outlook, carryover stocks were cut by three million metric tons to 588 million.

The forecast for global grain trade in 2023-2024 is raised by eight million metric tons, driven by larger wheat and maize flows.

World soybean trade in 2023-2024 is projected to increase by two million metric tons, inventories will be higher, and trade will likely reach an all-time high of 172.2 million metric tons.

Global rice production for 2023-2024 is revised up by three million metric tons, leading to higher consumption.